Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements

Compensation cost relating to stock-based compensation for the years ended December 31, 2023, 2022, and 2021 was recorded as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
General and administrative expense	$	2,319	$	1,905	$	1,505
General contracting and real estate services expenses	1,360		1,342		738
Capitalized in conjunction with development projects	392		530		329
Total stock-based compensation cost	$	4,071	$	3,777	$	2,572

Schedule of the Changes in the Company's Nonvested Restricted Stock Awards

The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2023:

	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	219,306	$	14.15
Granted	394,359	12.70
Vested	(254,030)	13.42
Forfeited	(88,095)	13.52
Unvested as of December 31, 2023	271,540	$	12.93

The following table summarizes the changes in the Company’s unvested LTIP Unit awards during the year ended December 31, 2023:

	LTIP Unit Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2023	—	$	—
Granted	39,694	10.14
Vested	—	—
Forfeited	—	—
Unvested as of December 31, 2023	39,694	$	10.14